Cooper Issues Statement, Says It Does not Agree that a Reduction in Share Price is Warranted
Today, Cooper Tire & Rubber Company (NYSE: CTB) issued the following statement regarding the pending merger with Apollo Tyres (NSE: ApolloTYRE).
“Cooper, in its filing on Friday, October 4, is acting in the best interests of its stockholders, who overwhelmingly approved the pending merger with Apollo for $35 per share. As outlined in the complaint, Cooper rejected Apollo's efforts to obtain a reduction in share price. Cooper does not agree that any such reduction is warranted.
“We are pleased that Apollo shares Cooper's commitment to the strategic merits of the transaction. The situations with the United Steelworkers (USW) and the joint venture partner and union in China are a direct result of the merger agreement, and are risks Apollo assumed under the merger agreement. The situation with the USW can be resolved in a timely manner, and we ask that Apollo proceed expeditiously toward resolution, working with Cooper. With respect to China, Cooper explained in the complaint filed on October 4, and in an earlier proxy statement, that the company has been prevented by the joint venture partner and union access to certain operational and financial information. We continue to work toward resolving the issues in China through communication with the workers, union and the joint venture partner. Cooper looks forward to closing this compelling transaction, which will provide multiple benefits to both organizations, their employees, customers and communities.”
About Cooper Tire & Rubber Company Cooper Tire & Rubber Company is the parent company of a global family of companies that specialize in the design, manufacture, marketing, and sales of passenger car and light truck tires. Cooper has joint ventures, affiliates and subsidiaries that also specialize in medium truck, motorcycle and racing tires. Cooper's headquarters is in Findlay, Ohio, with manufacturing, sales, distribution, technical and design facilities within its family of companies located in 11 countries around the world. For more information on Cooper Tire, visit www.coopertire.com, www.facebook.com/coopertire or www.twitter.com/coopertire.
FORWARD-LOOKING STATEMENTS This document contains forward-looking statements within the meaning of the federal securities laws. Forward-looking statements are not based on historical facts but instead reflect Cooper's expectations, estimates or projections concerning future results or events. These statements generally can be identified by the use of forward-looking words or phrases such as “believe,” “expect,” “anticipate,” “project,” “may,” “could,” “intend,” “intent,” “belief,” “estimate,” “plan,” “likely,” “will,” “should” or similar words or phrases. These statements are not guarantees of performance and are inherently subject to known and unknown risks, uncertainties and assumptions that are difficult to predict and could cause our actual results, performance or achievements to differ materially from those expressed or indicated by those statements. We cannot assure you that any of our expectations, estimates or projections will be achieved.
The forward-looking statements included in this document are only made as of the date of this document and we disclaim any obligation to publicly update any forward-looking statement to reflect subsequent events or circumstances.
Numerous factors could cause our actual results and events to differ materially from those expressed or implied by forward-looking statements, including, without limitation: uncertainties associated with the proposed acquisition of Cooper by Apollo, including uncertainties relating to the ability to complete the transaction for any reason, including, without limitation, the outcome of Cooper's pending litigation against Apollo and the inability of Cooper or Apollo to enter into agreements with the United Steelworkers consistent with the previously announced arbitration decision regarding the local unions at the Findlay, Ohio and Texarkana, Arkansas plants. This list of factors is illustrative, but by no means exhaustive. All forward-looking statements should be evaluated with the understanding of their inherent uncertainty.
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